After a year of record earnings and an acquisition, Patriot Bank and its parent company are not slowing down.

The Stamford-based company on Tuesday announced that it would acquire Hana Small Business Lending, Inc., a wholly-owned subsidiary of Hana Financial, Inc, in a move that it hopes will make Patriot Bank a nationwide leader in the SBA 7(a) lending arena.

The total cash consideration in the deal would be approximately $83 million with the assumption of approximately $41 million of liabilities.

The transaction includes the purchase of approximately $120 million of SBA 7(a) loans and servicing rights relating to a pool of $370 million in loans. The deal also includes the assumption of two loan securitization vehicles, currently rated AA+ and A- by Standard and Poor’s.

“Hana SBL has built a strong reputation with a highly regarded and experienced team,” Michael Carrazza, Patriot’s chairman and CEO, said in a statement. “The integration of Hana SBL into Patriot’s growing specialty finance category delivers impactful market presence, product diversification and significant earnings accretion.”

Patriot became an approved SBA lender last year, with the intention to invest in and make SBA a significant product line. Hana will accelerate Patriot Bank’s goals; the company has originated nearly $1 billion in SBA 7(a) loans since its inception. Hana SBL was the third most active non-bank SBA lender in the nation in 2017, and one of the top 35 most active of all SBA lenders among over 3,000 SBA lenders nationwide.

“We are proud of the team we built and the steady results they continue to deliver,” Sunnie S. Kim, Hana Financial’s president and CEO, said in a statement. “It is a highly complementary fit for the team to be integrated into Patriot’s growing operations, where they can be further supported.”

The move follows an eventful year in which Patriot Bank acquired Orange, Connecticut-based Prime Bank to expand its community banking presence and footprint in Southern Connecticut.

At the time, Prime had had approximately $73 million in total assets, $55.8 million in deposits and $27.8 million in total loans.

Patriot Bank’s parent reported annual net income of $4.1 million in 2017, or $1.06 per diluted share, more than double the prior year results of $1.9 million, or $0.49 per fully diluted share.

Total assets grew about $96 million year-over-year to $852 million. Net loans reached about $713 million at the end of 2017, up from about $577 million at the end of 2016.

Net interest income for the year was almost $26 million, up about $3.5 million from the end of 2016. The margin ended the year at 3.51 percent, down from almost 4 percent at the end of 2016.

Non-interest income at $1.4 million for the year had declined from 2016 as well.

The bank had a provision credit at the end of 2017 of $857,000, a drastic reversal from a $2.5 million provision for loan losses at the end of 2016.

The difference is due to the impact of a troubled loan that was ultimately resolved.  In the second quarter of 2016, the bank recorded a significant loan loss provision, but aggressively worked towards a recovery, which was successfully accomplished in the first quarter of 2017.

Total nonperforming assets, at $3.8 million at the end of 2017, dropped about $1.8 million from the end of 2016.